Bitcoin Nears $80,000 as NVIDIA Earnings Loom and Inflation Fears Rise
Bitcoin rose to nearly $80,000 this week, but its momentum is uncertain. On August 21st, it reached as high as $79,426, but closed around $77,000 in US trading hours, marking its largest weekly gain in over two years.
The broader market is not uniformly leaning towards risk-on sentiment. The Nasdaq rose 0.43% on the 21st, but fell 1.43% for the week, while moomoo dropped 2.05% over the week. US long-term interest rates remained elevated, crude oil prices rose for six consecutive trading days, and the Philadelphia Semiconductor Index fell about 5% for the week.
NVIDIA's earnings report on August 26th will be a key test of its AI rally growth potential. If it shows strong earnings, it could temporarily ease concerns over AI investment valuations. However, even slightly missing market expectations could trigger selling pressure across global semiconductor stocks given the current market sentiment.